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Voice Assistants and Conversational AI – The Future of Banking

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If we were to go through the sales numbers of the last 18 months, it is fairly evident that there is an insatiable appetite for voice devices in the global market. The use of these digital voice assistants and conversational AI coupled with the advancements in AI and the overall underlying technology shows that voice first devices are poised to transform commerce and marketing within every industry. It truly is surprising how technology is so dynamically transforming one sector after another with revolutionary innovations. After the early rattle of IoT (Internet of Things), AR (Augmented Reality), VR (Virtual Reality) and Cloud computing, now we have the digital voice assistant technology to look forward to. However, the concept of voice-based services extends far beyond just personalized assistance to touch the banking sector at large.


Conversational Banking Is a Competitive Necessity in a Remote-Everything World

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For financial institutions that have yet to adopt conversational banking, the potential user base already exists. Nearly two-in-five U.S. adults are now users of smart speakers, such as Amazon Alexa or Google Home. In November 2020, eMarketer estimated that 128.0 million people in the US used a voice assistant – 44.2% of internet users and 38.5% of the total population. Consumers are programming themselves to find things using their voices. They're doing less button-pressing and more speaking to control their entertainment experiences, for example--from Amazon Fire TV to Apple TV.


The Rise of the Voice Payments Ecosystem

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Voice-enabled assistants are the newest buzz among consumers across industries with Google, Amazon, Apple, and other giants rolling out AI-infused gears functioning primarily through conversational voice interfaces. Globally, the number of customers using voice-assistants is increasing with a CAGR of 29.4% and is estimated to reach 1.83 billion by 2021. Alexa, Siri, and Google Assistant have all become an integral part of a millennial's day. From setting up reminders, checking the weather, to shopping – these voice-enabled digital assistants have covered most of the bases heavily influencing the mobile-tech experience. Financial services have been one of the biggest beneficiaries of such innovations around mobile tech and IoT.


The Future of Voice: What Marketers Need to Know

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Consumers are increasingly making voice capabilities a central part of their mobile and home-based interactions. As a result, it is time for organizations to integrate voice-first technologies into consumer acquisition, sales, service and digital customer experience strategies.


Voice Assistant Use Case Banking, Finance and Insurance Industries

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It is researched that 46 percent of US citizens use voice assistants. Observing the strong presence of voice assistants, banks, financial, service and insurance (BFSI) firms have actively adopted enterprise voice assistants for both internal (employees) and external (customers) purposes. It is said that JP Morgan & Co is enabling its clients by allowing access to research and analytics reports through voice chatbots. Also, twelve thousand field agents to be powered by voice assistant's capabilities, states Mark Madgett, the New York Life Insurances VP. Users can inquire about their account balance, latest transactions, fixed deposits, recurring deposits, loan balance, etc.